“The Naira’s value improved in the official market, closing at N1,532 per dollar on Monday, which is its highest level in three months.” – CBN
The Naira weakened against the dollar in the parallel market on Tuesday, depreciating to N1,585 per dollar from N1,570 on Monday.
In contrast, it appreciated in the Nigerian Foreign Exchange Market (NFEM), closing at N1,527 per dollar compared to N1,532 previously, marking a N5 gain.
This divergence widened the exchange rate margin between the parallel and official markets to N58 per dollar, up from N38 the prior day.
According to the Central Bank of Nigeria (CBN), “The Naira’s value improved in the official market, closing at N1,532 per dollar on Monday, which is its highest level in three months.”
In June, the Naira gained N60 against the dollar in the parallel market and N53 in the official market.
Analysts attribute the appreciation partly to the CBN’s intervention, which saw approximately $86.6 million sold last week, easing demand pressures and supporting stability across both segments of the foreign exchange market.